What accounts will work if you move from USA to India
This guide covers the major banks, HYSAs and brokerages and answers the three questions that actually matter:
Do they support NRAs?
What problems have people actually faced?
Should you give them your Indian address or leave a US one?
If you need help with any of the following, feel free to contact us. Our team of experts will be happy to help you:
Investing and portfolio management
Spending optimization, EMIs & credit cards
Insurance advisory
Tax planning
Will & estate planning
Most other financial queries or challenges
You can also email us at help@reymanwealth.com
If you only read one table - read this one. This is a broad summary of what usually works for each type of account
Account type | Do they support NRAs? | Best place after you return | Do this before you fly |
Checking | Mixed. Big banks usually let existing customers stay, a few reserve the right to close | One big bank checking account (Bank of America, Chase) | Keep one, set up app or email 2FA |
High-yield savings (HYSA) | Generally no. Online banks require US residence | Cash in Schwab International / IBKR | Close and move the cash |
Brokerage | Several apps are US-only | Schwab International or Interactive Brokers Fidelity for existing accounts | ACATS out of Vanguard, Robinhood, robo-advisors |
401(k) | Usually fine to keep in the plan | Leave it, or roll to a Fidelity/Schwab IRA | |
Traditional / Roth IRA | Existing accounts: usually yes. | Fidelity or Schwab | |
HSA | Keep it. Contributions stop anyway | Your existing provider | |
Reyman Tips: Consolidate into two or three NRA friendly institutions before your flight. Almost nothing can be opened once you have an Indian address. | |||
Need help? Let’s talk.
Reyman Wealth helps returning Indians with planning their return to India, planning your RNOR period, resetting your cost basis and overall financial planning.
How to read the tables
For every institution we answer only three questions:
Do they support NRAs?
What problems have people actually hit?
Should you leave an Indian or a US address?
Where a cell says Policy, it comes from the institution's own documents. Where it says Reported, it comes from first hand accounts by returning Indians and expats (which can be dated or one-off). Policies change often in this area, so confirm with the institution before you act.
Banks (checking accounts)
You still need one US checking account after you return
Bank | Support NRAs? | Issues reported | Address |
Bank of America | Existing customers: yes. No residence based closure clause (Policy) | If they block your account for suspicious transactions (Being in India is "suspicious"), you may need to unblock by visiting a US branch | Stick to US address usually |
Chase | Usually works well. Deposit agreement: if "you are residing outside the United States, we may close your account" (Policy, June 2026) | Closure letters to non-US resident customers in France from Oct 2026, dormant account closed | Stick to US address usually |
Wells Fargo | Discouraged. Online banking "intended for use by customers located within the United States" (Policy) | Wells Fargo Advisors stopped opening brokerage accounts for non-US residents in Jan 2021 | US address expected, keep only as a backup |
Capital One | Mixed, not recommended No residence-based closure clause found | Debit cards moved to the Discover network, which has more limited international acceptance | Keep US address usually |
Discover Bank | No (Reported) | US only: close | |
Schwab Bank (Investor Checking) | Only alongside a US Schwab One account | Closed when the brokerage was converted to Schwab One International (Reported, 2021) | Lost on conversion |
High-yield savings accounts
This is the bluntest category. Online banks are built for US residents and most say so in their eligibility rules.
HYSA | Support NRAs? | Issues reported | Address |
Ally | No. Must "be a U.S. citizen or currently reside in the U.S." (Policy) | Ally can close "at any time for any reason without advance notice" | US only |
Marcus (Goldman Sachs) | No. Requires SSN/ITIN and a physical US street address | No first-hand India reports found | US only |
American Express HYSA | Not recommended. SSN required, app for "eligible accounts in the United States" | Amex refused to change a card address to India (Reported) | US only |
Discover Online Savings | No (Reported) | Indian address refused | US only |
Capital One 360 | Not recommended. No residence-based closure clause found | US only | |
Wealthfront Cash | No. "We cannot support clients residing outside of the U.S., including U.S. citizens residing abroad" (Policy) | n/a | US only |
Betterment Cash | No. Cannot accept customers "residing outside the United States" (Policy) | n/a | US only |
SoFi | No. Requires periodic US residency verification for non-permanent members | n/a | US only |
Reyman Wealth: No major US HYSA is built for NRAs. Close them before you leave and park USD cash somewhere that works. | |||
Not sure where to park your money?
We work with returning Indians on a daily basis. Feel free to reach out. Our team of experts will be happy to help.
Brokerage accounts
Brokerage | Support NRAs? | Issues reported | Address |
Charles Schwab (Schwab One International) | Yes. India is on the Schwab International online application list, existing US accounts can be converted (Policy + Reported) | Indian, with W-8BEN | |
Interactive Brokers (IBKR) | Yes. India is on IBKR's eligible country list (Policy) | IBKR Lite is US-only, so you pay IBKR Pro pricing | Indian, with W-8BEN |
Fidelity | Existing accounts: yes. "We do not open accounts for any new customers residing outside the United States" (Policy) | No mutual fund purchases since 1 Aug 2014 (reinvestment allowed). | Indian, with W-8BEN |
Firstrade | Yes, for non-US citizens. India is a supported region (Policy) | Does not accept US citizens or green card holders living abroad | Indian, with W-8BEN |
Vanguard | No. Non-US residents are not accepted on its brokerage platform. (Reported/Policy) | 90 day closure notices reported after a foreign address change, US-domiciled funds "generally are not available for sale" to investors outside the US | US address required: move out before you leave |
Robinhood, Webull, M1 | No. US residential address required (Policy) | Account restricted as soon as the address changes to India, fractional shares and crypto don't move via ACATS | US only: transfer out 2–3 weeks before leaving |
Wealthfront, Betterment (investing) | No (Policy) | Robo-advisors often can't transfer holdings in kind, which can force a sale | US only |
Wells Fargo Advisors, J.P. Morgan Self-Directed | No. Both exited non-US residents (2021 and 2018) | n/a | US only |
We wrote a detailed article on how to reset your cost basis during the RNOR period to book tax free capital gains.
If you're a returning NRI who needs help with any of the following, feel free to reach out. Our team of experts is always happy to help:
Tax planning for return to India
Planning RNOR status in India and NRA status in USA
Assistance with cost basis reset - Capital gains calculation and reporting requirements
Assistance with re-designation of Indian bank accounts - NRO/ NRE to resident accounts (in line with FEMA regulations)
Comprehensive evaluation of holdings/ assets from tax perspective.
Financial planning and Investing
Spending optimization, EMIs & credit cards
Insurance advisory
ITR Filing in India
Will & estate planning
Most other financial queries or challenges
You can also email us at help@reymanwealth.com
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